Another $2B worth of Bitcoin withdrawn from Coinbase over weekend


Coinbase experienced withdrawals totaling roughly $2 billion worth of BTC over the weekend of Nov. 26 to Nov. 27, bringing the total amount withdrawn since Nov. 24 to $3.5 billion.

Roughly $1.5 billion worth of Bitcoin (BTC) was withdrawn from the exchange between Nov. 24 to Nov. 25.

Coinbase BTC net position
Coinbase BTC net position

The exchange’s reserves have been losing around 50,000 BTC daily since Nov. 24, equating the total withdrawn amount to around $3.5 billion.

All exchanges lost $15B

According to data from Glassnode, all major exchanges experience massive BTC withdrawals.

All exchanges BTC net position
All exchanges’ BTC net position

Almost all exchanges have seen withdrawals — amounting to roughly $15 billion in total — over the past five days

The last time such movements were recorded was during April and May, after the Terra collapse.


Amongst all significant exchanges, Binance is one of the few exceptions as it saw its its BTC reserves grow over the period — indicating that Binance users are exiting their BTC positions.

Binance BTC net position
Binance BTC net position

According to numbers, Binance added a total of 78,000 BTC to its reserves, equating to around $1.2 billion at the time of writing.

The post Another $2B worth of Bitcoin withdrawn from Coinbase over weekend appeared first on CryptoSlate.


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